Posts Tagged ‘ side business ’

Self-employment in the Internet Age

By Kevin M

“Better to light a candle than to curse the darkness.”—Motto of The Christophers

I mostly make my living on the internet these days but I have a confession. I never worked much with computers until three years ago, least of which the internet. Sure, in the preceding 25 years that I worked in mortgages and accounting I used computer applications, lots of them, but most of us understand the not so subtle difference between that and working in an environment in which your primary means of support is coming directly from working on/in computers or somewhere out in cyberspace.

My career as a paper pusher ended unceremoniously at the end of 2008, a time when recycled paper pushers weren’t in very big demand. Where to go, what to do? Damn computers–#%&*@$g internet—they’ll be the end of the world, you watch!

That last line is a fiction (OK, it was a deeply suppressed thought), but I chose to intentionally avoid dwelling on it. Every one who’s ever seen their career crash and burn can point to one or more big picture factors that directly or indirectly greased the wheels of their departure. We can either poison ourselves with bitterness, or find some way to benefit from prevailing changes (hence the Christopher’s quote above). Which route we take will mostly determine our future direction.

Job VS Opportunity

7 Reasons Self-Employment is More Secure than a Job

By Kevin M

Last night my wife learned something disturbing—not for herself but for some of her coworkers. She has a part time job with a company that just announced that fulltime employees are losing their benefits and being converted to part time status.

Now the optimist may say, “it could have been worse—at least they didn’t lose their jobs”. And while there may be a grain of truth to that assumption, the bad news outweighs the good here, and I’d say by a wide margin. First of all, part time isn’t full time—it’s part time. That means even if you keep your hourly rate of pay, there’s no guarantee of 40 hours a week, or even of 30 or 20. That looks an awful lot like a pay cut to me.

Second is suddenly going from a job with benefits to one without—that includes health insurance. Charles Hugh Smith has made a strong case that the middle class isn’t middle class without health insurance coverage, and I think that point is beyond debate. What we’re looking at here, in addition to the pay cut, is the loss of socio-economic class status. They’ve been demoted to “the working poor” without ever losing their jobs. That’s pretty radical.

There ain’t no more job security

5 Tips to Go from a Job to Self-Employment

By Kevin M

50% of the “secret” to a successful business is having a great idea, product, service or concept—one you can bring to the market profitably. That often takes time and staying power, and that’s where the other 50%—your finances–comes in.

You’ll need a certain amount of financial strength in order to weather the storms you’ll face in order to turn your business idea into a business success. Fortunately there are steps you can take in advance to get your finances ready for self-employment.

Managing the income transition

Self-employment is often viewed as a plunge—as in a deep dive into the unknown. Though there are certain benefits to giving 100% of your time and attention to your business, it isn’t usually necessary. If you can engineer the transition into smaller, more manageable steps (which we’ll cover in more detail in a future post) that will make the change less risky:
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What Happened to the 40 Hour Work Week?

By Kevin M

Does anyone work a 40 hour work week anymore? You know, the comfortable, predictable “9 to 5” that we often complained about during more certain times? Apparently fewer employees than ever still have this luxury, and if current trends continue, fewer still will have it in the future.

An article by Seth Fiegerman on Yahoo Finance earlier this month, The End of the 40-Hour Work Week confirms these changes in work schedules and the forces behind them:

“Higher-level workers are increasingly being asked to put in 50 hours or more a week…while lower income workers are often forced to work fewer hours but at jobs with irregular schedules, according to a comprehensive report from the Center for American Progress…Driving these changes…are companies turning lower-level full-time jobs into part-time employment to cut costs, savings that come at the expense of workers — and their families — losing the traditional schedules and financial benefits that come with full-time employment.”

The typical work schedule has become more erratic and the neat, predictable 40 hour work week is fast fading into the dustbin of history.
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A 7 Point Unemployment Action Plan

By Kevin M

All the talk in the media and business world these days is about the recovery. The GDP is up, sales are up, profits are up, and executive bonuses are up. While that’s all good for some people somewhere, for many in the rank-and-file middle class it still looks and feels an awful lot like we’re still in a recession. With the unemployment rate hovering just north of 9%, for practical purposes we still are.

Millions are still unemployed—some chronically—while many others are dangling precariously close to that status in what’s become a full blown employment revolving door. If you’re unemployed, or about to be, you need to have a concrete plan of action—preferably a written one—to keep you moving forward either toward a new job or into something completely different.

And even if you do have a job and don’t think you will lose it anytime soon you might still need a plan to deal with a layoff that could come out of nowhere. These days, a missed budget or just the hint that the company’s five year plan might not pan out just six months into it is all it takes for the layoff ax to be sharpened.

An action plan has to be customized to fit your circumstances, but if you’re looking for a starting point—or a few new ideas to jump start what you have—try adding some of these to your agenda.

Saving and Investing Tips for the Self-Employed

By Jessica Wagner

Saving, whether it’s for retirement purposes or otherwise, is tough enough without having that added difficulty of being self-employed. Many people have found the benefits of being their own boss and making their own hours but putting money away isn’t as easy when you don’t have a company with good retirement plans.

It’s important to know that you can do this even if you are self-employed. Small business owners and online entrepreneurs alike have found ways to build up their retirement and savings funds. There are many ways to do this and there isn’t just one savings plan that you can invest in and IRAs have long been one of the most popular avenues for retirement savings.

Tax deferred retirement plans

An IRA is an account held by a custodial institution such as a bank or brokerage firm. Generally, IRA’s are designed for middle-income investors. There are no income restrictions for most middle class taxpayers and an IRA is available to everyone.
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7 Reasons to be Self-Employed

Kevin M

There’s probably never been a better time to have your own business. I know that sounds downright loony to some, but it’s the reality of our time. On the plus side, the internet has opened up opportunities for small business ventures because it provides incredible leverage and it can make the little guy look like a big guy. On the negative side, employment has never been less certain or less satisfying, at least not in the past several decades.

Not convinced? Consider the following reasons—you can probably come up with a few more.

A sense of control

When you’re on someone else’s payroll, you’re also beholden to them. Your employer can change your work assignments, your seating assignment, your title, your pay, or even eliminate your job. In any of these instances, you may have little or no say in the decision making process—especially if you’re about to be fired or laid off.
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Charting Your Own Course with a Side Business

By Kevin M

Even in the face of an apparent economic recovery, many millions of people are stagnating in their jobs, unable to get a promotion or to move to a more promising position with a competing company. Many more are still unemployed or even under-employed. That may be the reality of our time, but should we sit still and wait for better times? Is that even a strategy?

Cutting living expenses is one way to deal with a comatose employment situation, but I’ve argued in the past that frugality has its limits. When all is said and done, you can only cut your expenses so much before finding new income sources becomes an absolute necessity.

If you aren’t content to continue to just muddle through, and want to make things happen in your life, increasing the number of income streams will be the most constructive way forward. And starting a side business is the single best way to do this.

How can starting a side business build a better future?
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The Perfect Side Hustle: Freelance Blog Writer

By Kevin M

What are you doing to make extra money these days? I’ll tell you what I’m doing—and it’s working! Freelance blog writing. I’ve often thought that the best way to make money—from a full time business or a side business—is to find something you’re good at, something you’re already doing, and then monetize it. I’ve been writing on my own blog for over two years, so why not take what I’m doing here and “sell” it somewhere else for extra income? The best ideas are the simplest ones–that’s why this is working.

I’m of the opinion that most everyone could or should have a side business—some type of additional income stream that isn’t dependent on a traditional job. The way the job market has deteriorated in the past few years, having a side hustle (or two) may be the best insurance against a career crash-and-burn. Put another way, multiple income streams are fast becoming the wave of the future. It’s mostly a matter of deciding which ones you’ll use.

Could you be a freelance blog writer?

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Posts Tagged ‘ side business ’

Self-employment in the Internet Age

Job VS Opportunity

7 Reasons Self-Employment is More Secure than a Job

There ain’t no more job security

5 Tips to Go from a Job to Self-Employment

Managing the income transition

What Happened to the 40 Hour Work Week?

A 7 Point Unemployment Action Plan

Saving and Investing Tips for the Self-Employed

Tax deferred retirement plans

7 Reasons to be Self-Employed

A sense of control

Charting Your Own Course with a Side Business

The Perfect Side Hustle: Freelance Blog Writer

Could you be a freelance blog writer?

Financial Management